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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: upanddown who wrote (66000)	5/10/2000 5:44:00 PM
From: BigBull	Read Replies (1) \| Respond to of 95453

John, I guess that's what makes markets eh! You sold, I bought. I think the picture you paint is far to negative, however. If that is an elephant field and what you say about providing new rigs to the area is true then that becomes the most valuable rig on planet earth. What is not factored into the price is the Nigerian barges going back to work at full contract rates (this month), and dayrates in the GOM exploding for jackups. IMO the workover rigs will get work as the season progresses. Certainly not ALL of the land rigs are "rusting hulks" as two are being moved to Kazakhstan this year and next. Perhaps we could get the Dog to comment on the state of the rest of the land rigs? The shelf does not trouble me nearly as much as it does you. If it is used for debt reduction the company will get to profitability much sooner even with dilution. As a shareholder, reducing the debt ratio puts me in a better position versus the debt holders. FLC did same with no deleterious effects under much harsher conditions. Of course I would prefer the offerings to be prudent mix of paper and not entirely common. One final thing, the members of the consortium, were direct beneficiaries of the Caspian news today. Please note, PKD was not mentioned in the press release. Word will get out over the coming weeks to a wider investing public.